Income support: Initial income support to ensure Clementi Mall achieves a Net Property Income (NPI) of S$31m annually through an initial top-up of S$20m. Projected income support of S$4.7m in FY14 represents 18% of NPI for Clementi Mall or about 3% of SPH REIT’s FY14 NPI.

Projected Initial/Forward Yields: 5.6%-5.8% in FY2013 and 5.8-6.0% in FY2014.

Management: CEO : Ms Susan Leng – Former GM of Capitol Investment Holdings, which won the tender to redevelop Capitol Theatre, Capitol Building and Stamford House into an integrated mixed-use development. From 1997-2004, Ms Leng was the GM at O290, an indirect wholly-owned subsidiary of the sponsor, where she was responsible for the profitability and growth of Paragon.

Initial Gearing: 27.3% - 31.3%. This compares with average 34% for retail S-REITs.

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